Claim for sales return provision was in accordance with AS notified u/s 145 being best estimate of information available
April 23, 2016
Income Tax, ITAT, Judgments
In a recent judgment, ITAT Delhi has allowed claim for provision made for sales return holding that as per Accounting Standard notified u/s 145 of Income Tax Act, 1961, provisions should be made for all known liabilities and losses even though the amount cannot be determined with certainty and …